Greenfield Capital said it sought changes to Safe Ecosystem Foundation’s board for months before turning to the Swiss regulator.

Greenfield Capital, an investor in Safe, says it has filed a supervisory complaint with Switzerland’s foundation watchdog, seeking changes to Safe Ecosystem Foundation’s board after months of engagement failed to resolve its governance concerns.

In an open letter to the Safe community on Sunday, Greenfield founding partner Jascha Samadi said the complaint to Switzerland’s Federal Supervisory Authority for Foundations (ESA) comes after his firm became “increasingly concerned” about the state of Safe since early 2025, citing its performance relative to the broader market and a lack of independent voices on the foundation board.

“But we have come to believe, after more than a year of research, dialogue and patience, that Safe will not reach its potential under its current governance,” Samadi said.

The governance dispute comes as Safe is targeting break-even and a doubling of revenue in 2026. In a February announcement, the project reported more than $10 million in project-wide annualized revenue at the end of 2025, and outlined a longer-term ambition to reach $100 million in annual recurring revenue by 2030.

However, Greenfield pointed to $1.98 million in second-quarter revenue, equivalent to an annualized run rate of $8 million, as far below the $20 million expectation for 2026.

The firm argued that Safe was losing ground despite growth in the broader crypto market. Samadi said between January 2024 and August 2026, total value held in Safe accounts fell from $66 billion to $30 billion, declining more than 50%, while total DeFi total value locked grew 40%.

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